Blockchain 3.0 platform aeternity has partnered with weiDex – a decentralised cryptocurrency exchange.
As well as guidance and support from aeternity’s team of developers, the partnership includes an investment that will facilitate the development of the first decentralised exchange by weiDex, which will operate on the aeternity blockchain and make use of the protocol’s technological stack.
The collaboration will allow users to carry out cross-chain, trust-free atomic swaps between AE tokens and a variety of other cryptocurrencies, including Bitcoin, Ether, and NEO.
In addition, a decentralised exchange that can be integrated in aepps will provide a convenient gateway to aeternity’s ecosystem, as well as enable new users to quickly acquire AE tokens for use on the platform.
Nikola Stojanow, Chief Business Development Officer of aeternity and CEO of aeternity Ventures, said the partnership should prove successful due to the platform’s capacity.
“Users of centralised exchanges face a number of issues in their day-to-day transactions, the main ones being the significant risk of hacks, unannounced down-times, blocked funds, and personal data leaks,” he said.
“We’re excited to see a growth in the usage of decentralised exchanges like weiDex that address these issues. Aeternity is the ideal platform for weiDex to build on, as it can handle large amounts of secure trades, allowing users to swap tokens privately and as quickly and conveniently as possible.”
In addition to helping to develop the exchange, aeternity will provide weiDex with $100,000 USD in funding, which the company says it will invest in its ongoing research and development. Initially, weiDex will develop a version of the exchange with the current Ethereum smart contract combined with contracts on the aeternity blockchain, allowing users to trade ERC-20 tokens and aeternity tokens from the same interface.
Tito Titov, CEO of weiDex, added: “It is clear that decentralised exchanges are the future of crypto trading. Trading decentralised assets in a centralised way, as is the status quo, renders the main ethos of blockchain technology — decentralisation — void.
“This is why we have partnered with aeternity to develop the first decentralised exchange on the aeternity blockchain, letting users trade tokens in a way that is safe and transparent.”